Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,109/mo
Lowest payment- Down payment
- $104,067
- Funds due
- $115,261
- Interest + MI left
- $175,790
- First ends
- Nov 2051
Assumption
Assumption + second
$2,600/mo
+$491/mo- Down payment
- $43,067
- Funds due
- $55,601
- Interest + MI left
- $291,485
- First ends
- Nov 2051
New loan
New conventional
$3,020/mo
+$910/mo- Down payment
- $43,067
- Funds due
- $52,333
- Interest + MI left
- $565,614
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,833 | $325,833 | $386,833 |
| Second mortgage | — | $61,000 | — |
| First P&I | $1,526.68 | $1,526.68 | $2,620.54 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $260.81 | $260.81 | $77.37 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $2,109.49 | $2,600.31 | $3,019.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,067
Closing costs & prepaids$12,534
Usable credit−$0
Total buyer cash needed$55,601
Earnest money paid−$0
Remaining funds due$55,601
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$516.00
Prepaid interest, first (6 days)$153.72
Prepaid interest, second (6 days)$90.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 11 moOf the original 30-year loan at 2.87%
Interest already paid$50,753Through Dec 2026
Assumption only · ends Nov 2051$175,790
Assumption + second · ends Nov 2051, second Jan 2057$291,485
New conventional · ends Jan 2057$565,614